$14B AMD AI Deal Pulls Core Scientific From Bitcoin Mining

529 megawatts of U.S. AI capacity just became the clearest measure of Core Scientific’s break from bitcoin mining.

The Core Scientific AMD AI deal gives Advanced Micro Devices 15-year leases tied to AI infrastructure and could generate more than $14 billion in base contracted revenue, according to CoinDesk. The capacity is expected to support AMD customer deployments beginning in 2027.

Core Scientific said the 15-year leases could generate more than $14 billion in base contracted revenue.

Core Scientific signs AMD AI data center deal as bitcoin mining retreat speeds up

The Core Scientific AMD AI deal centers on 529 MW of U.S. AI capacity, but the contract structure points to a much larger possible buildout. AMD has rights, under certain conditions, to reserve another 1,925 MW through Dec. 28, 2028, which could lift the partnership to roughly 2.5 GW.

That scale matters because Core Scientific is no longer presenting AI hosting as a side business bolted onto a bitcoin miner. The company is pushing its data center capacity, power access, and operating base toward high-performance computing and AI workloads.

The signed leases are spread across several sites. AMD directly leased 377 MW across Core Scientific locations in Pecos and Hunt County, Texas, and Muskogee, Oklahoma, according to the company’s quarterly filing cited by CoinDesk. An unnamed cloud provider leased another 152 MW in Auburn, Alabama, and Dalton, Georgia, under agreements supported by AMD.

Core Scientific and AMD plan to work together on data center design and deployment of AMD Instinct graphics processing units, EPYC processors, and ROCm software. AMD also received warrants to buy up to 30 million Core Scientific shares at $23.47 per share. About 6.5 million vested when the initial leases were signed, with more vesting as additional capacity is contracted.

The agreements lift Core Scientific’s leased customer capacity to roughly 1.1 GW, representing more than $24 billion in potential contracted revenue. As of mid-July, the company was billing customers for 437 MW, equal to about $635 million in annualized colocation revenue.

Block ASIC exit clears the way for Core Scientific’s AI infrastructure reset

Core Scientific’s AI pivot accelerated after it terminated an agreement to buy bitcoin-mining chips from Block. The company recorded a $41.9 million charge tied to that exit.

The Block agreement, signed in 2024, covered 3-nanometer chips representing roughly 15 EH/s of hashrate. Ending it removes a major piece of Core Scientific’s mining hardware roadmap, even if bitcoin mining remains part of the company’s asset base during the transition.

The revenue mix already shows the shift. In the second quarter, colocation generated $136.7 million, or 83% of Core Scientific’s $164.2 million in revenue. Self-mining revenue fell 66% to $21.5 million.

That contrast is the core of the story. Bitcoin mining revenue remains tied to bitcoin prices, energy costs, network difficulty, and mining hardware economics. AI data center contracts can offer a more visible revenue path, but only if Core Scientific can deliver the capacity, uptime, cooling, networking, and service levels AI customers require.

This is where the easy version of the miner-to-AI narrative breaks down. A bitcoin mining site and an AI data center may both consume large amounts of power, but GPU-based AI deployments bring different reliability and infrastructure demands. XOOMAR has been tracking the same capital and compute crossover in separate coverage, including Crypto Treasuries Get Drained for AI Data Center Cash and AMD-related hardware positioning in 4GB Graphics Cards Return as Radeon RX 9050 Sets Trap.

Core Scientific also still holds bitcoin. The company held 848 BTC worth $49.7 million on June 30, up from 547 BTC three months earlier. It sold 2,385 BTC for $208.2 million in the first quarter of the year.

Investors will watch Core Scientific’s capacity timeline, AMD ramp, and mining wind-down costs

The near-term market read was split. CORZ shares were up 5.6% in pre-market trading, while AMD was lower by 4% as chip stocks continued to sell off, according to CoinDesk.

For Core Scientific, the AMD name helps. The bigger issue is execution. Investors now have to track whether the company can turn signed capacity into billed capacity, and whether future capacity reservations actually convert into additional contracted megawatts before the Dec. 28, 2028 deadline.

Several signals will matter from here:

• Deployment timing: AMD customer deployments are expected to begin in 2027.
• Capacity conversion: Core Scientific is billing 437 MW today against roughly 1.1 GW of leased customer capacity.
• Contract expansion: AMD’s reservation rights could move the partnership from 529 MW to roughly 2.5 GW.
• Mining exit costs: The terminated Block ASIC agreement already produced a $41.9 million charge.
• Revenue mix: Colocation now dominates revenue, while self-mining has sharply contracted.

The Core Scientific AMD AI deal gives the company a cleaner AI infrastructure narrative than it had before the Block ASIC termination. But the next phase won’t be judged on narrative. It will be judged on megawatts delivered, customers billed, warrants vested, and whether the bitcoin mining wind-down creates more charges before the AI contracts fully scale.

The Bottom Line

• Core Scientific is shifting from bitcoin mining toward long-term AI infrastructure revenue.
• The AMD-linked leases could generate more than $14 billion in base contracted revenue over 15 years.
• The potential expansion to roughly 2.5 GW shows how AI demand is reshaping data center power strategy.